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Access cash from the equity in your home. Our home equity loans and lines of credit use your home's equity as backing to lock in an affordable rate. These lending options are ideal for home improvement projects, education expenses, major life events, debt consolidation and other major purchases.
Ask about our 3.99% or 5.99% special introductory fixed rate options1
Home Bank Equity Plan
With the Home Bank Equity Plan, the equity in your home is like money in your own bank. Enjoy the best parts of a Home Equity Line of Credit and Home Equity Loan by choosing from variable rates, fixed rates, or both, for a personalized loan solution.
Home Bank Equity Plan Features
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1 The advertised APRs and loan programs are subject to change at any time. Introductory Discount APR options are available on loans with Loan-to-values (LTV) up to 80% and credit scores of 660 or higher. Non-owner occupied properties are not eligible for home equity and HELOC products. To receive the Introductory Discount APR feature, automatic payment out of your Tri City National Bank checking account will be required. If you do not arrange to have automatic payments or if you cancel your automatic payment arrangement at any time, the corresponding Annual Percentage Rate will increase by 0.25%, and the introductory discount rate will be canceled. The increase will remain in effect for the remainder of the term of your agreement. The Introductory Discount APR is fixed for 6 months from the closing date for option 1, and fixed for 12 months from the closing date for option 2. After the 6 month or 12 month introductory period, the APR is variable based on an index plus or minus a margin of -0.51% to +0.74% (based on credit score and loan-to-value). The index is the Prime Rate as published in the Wall Street Journal “Money Rates” table on the 10th day of the month and is subject to change monthly. Your APR will vary based on your final loan amount, actual finance charges and whether you meet specific credit qualifications. Your APR will not exceed 18.00% or go below 3.99%-5.99% (based on credit score and loan-to-value) at any time during the term of your account after the introductory period. The term of a Home Bank Equity Plan is 25 years, which consists of a 10-year Draw Period and a 15-year Repayment Period. Interest only payments are available during the Draw Period. You will not reduce the principal balance of the loan during the Draw Period if you make interest-only payments. Any outstanding balance at the end of the Draw Period will then amortize based on the variable rate and will be repaid in monthly payments over the Repayment Period. Your APR is subject to change annually during the Repayment Period. Minimum Loan Amount is $10,000.
2 Closing costs generally total between $276 and $1,077. The Bank typically pays for these closing costs unless an appraisal or certain title insurance is required. Appraisals may be required on loan amounts equal to or greater than $100,000. Property insurance, title insurance and flood insurance, if applicable, are required on all collateral. An Annual Fee of $60 will be charged to your loan each year during the Draw Period. Ask your banker about options to waive this Annual Fee. If you terminate your right to obtain advances within 36 months from loan closing, you may have to pay an early termination fee of $350. Other restrictions and fees may apply.
3 To qualify for no closing costs, reduced closing costs, and/or the Introductory Discount Rate, you must not have had a home equity line of credit with Tri City National Bank within the past 12 months. To still qualify for these offers, your existing Tri City National Bank Home Equity Line of Credit must be refinanced with an increase of 50% of the current credit limit or $25,000, whichever is less.
4 To qualify for the Introductory Discount Rate feature, a minimum advance of $10,000 will be required at the time of funding of the loan. For all subsequent advances, the minimum credit advance you can receive is $1,000 during the Draw Period. If you choose not to receive the Introductory Discount Rate or do not qualify for the Introductory Discount Rate, the minimum credit advance will be $1,000 for the duration of your draw period.
5 This product contains an option to convert all or a portion of the Line of Credit into fixed-rate installment loans repayable in regular fixed payments of principal and interest until a final due date on which any remaining balance will be paid in full. There is no need to re-apply for the conversion option. You must meet certain eligibility requirements in order to exercise your right to convert. Your eligibility will be determined at time of conversion request. A signed Change in Terms (CIT) Agreement will be required upon acceptance of any installment loan terms agreed upon, in which repayment of the elected amount will be based on said CIT Agreement. Minimum election amount is $10,000. You may exercise your option to convert five times per calendar year during the 10 year draw period of your line of credit. A maximum of five installment loans can be open at any one time. The outstanding balance of any installment loan, as it exists from time to time, will be counted against your total Line of Credit. Payments made toward the principal balance of installment loans will become available on the Line of Credit. A borrower may also convert balances on installment loans back to the Line of Credit. A $100 fee will apply per conversion. Your APR may increase if you exercise this option to convert to a fixed rate. You may prepay the installment loan at any time without penalty. Other restrictions and fees may apply.
6 Consult a tax advisor.
Terms are subject to change. Tri City National Bank's Home Bank Equity Plan requires a mortgage on your home. Failure to pay your loan could result in loss of your home. Homeowner’s insurance is required, and flood insurance may be required on the property used as collateral.
